Glossary
免責事項: このホワイトペーパーは英語版が正式な文書となります。他言語の翻訳は参照用です。
AMM (Automated Market Maker): A decentralized exchange mechanism that uses mathematical formulas to price assets, enabling trading without traditional order books.
ATM (At-the-Money): A warrant where the strike price equals the current underlying valuation.
Bermuda-Style: Exercise style allowing exercise only during specific windows (quarterly + events), between American (anytime) and European (expiry only).
Call Warrant: A derivative giving the holder the right to profit from an increase in the underlying’s valuation above the strike price.
Cash Settlement: Settlement method where the exerciser receives USDC equivalent to the intrinsic value, rather than actual shares.
CPMM (Constant Product Market Maker): AMM formula where x × y = k, used by Uniswap and PIPO.
Covered Warrant: A warrant issued by a financial institution (not the underlying company) and backed by collateral.
Dual-Market: PIPO’s architecture with both Call (bullish) and Put (bearish) warrant markets.
Exercise Window: Specific time period during which warrants can be exercised for settlement.
Expiry: The date after which a warrant can no longer be exercised and becomes worthless if OTM.
Intrinsic Value: The profit that would result from immediate exercise: max(0, Valuation - Strike) for calls.
ITM (In-the-Money): A warrant with positive intrinsic value.
KYB (Know Your Business): Entity verification process for corporate/institutional users.
KYC (Know Your Customer): Identity verification process for individual users.
LP (Liquidity Provider): User who deposits assets into AMM pools to facilitate trading.
LP Token: Token representing a proportional share of an AMM pool.
Notional: The face value of a warrant position, typically $1 per token.
Oracle: System providing off-chain data (company valuations) to smart contracts.
OTM (Out-of-the-Money): A warrant with zero intrinsic value (current valuation below strike for calls).
Physical Delivery: Settlement method where the exerciser receives actual shares from the SPV (VIP only).
Put Warrant: A derivative giving the holder the right to profit from a decrease in the underlying’s valuation below the strike price.
Reserve: Collateral backing warrants (SPV shares for calls, USDC for puts).
ROFR (Right of First Refusal): Company’s right to match any offer for shares before allowing transfer.
Rollover: Extending warrant exposure by swapping near-dated for far-dated warrants.
Settlement: The process of converting exercised warrants into USDC (or shares).
Slippage: The difference between expected and actual trade execution price.
SPV (Special Purpose Vehicle): Legal entity holding private company shares to back call warrants.
Strike Price: The target valuation at which warrant payoff is calculated.
Time Value: Portion of warrant price above intrinsic value, reflecting possibility of favorable movement.
TVL (Total Value Locked): Total assets deposited in AMM pools.
Underlying: The private company whose valuation determines warrant payoff (e.g., SpaceX, OpenAI).
VIP: High-value users with KYB verification eligible for enhanced services.
VWAP (Volume Weighted Average Price): Average price weighted by trading volume over a period.
Warrant: A derivative security giving the right (not obligation) to profit from underlying price movements.